Despite payment card fraud being at an all-time low, key stakeholders in the payments ecosystem need to continue to work together to enhance their risk management mechanisms and keep future threats of counterfeit card transactions at bay, said experts from Visa, the global payments company, who recently spoke at a workshop on the latest innovations and best practices in fraud and risk management of digital payments, held in association with the Consumer Protection Department under the Saudi Arabia Monetary Agency (SAMA). The workshop highlighted the need to equip banks, merchants and the country's law enforcement machinery, with the necessary checks and balances to counter fraud, while also educating consumers on potential fraud risks. The sessions were organized by SAMA and led by Visa's local representatives, and regional risk management and government relations teams. Speaking at the workshop, Abdullah Ibrahim Alsowayan, Director of Consumer Protection at SAMA, said: "Our main focus at SAMA is to ensure that all the stakeholders in the financial system are safeguarded from fraud and emerging threats in the industry. As card payments continue to grow in the Kingdom, we see an urgent need to inform and educate banks and merchants on how to better identify risk and protect against vulnerabilities. This workshop serves as an important first step toward this end. As a leading innovator in payments technology and fraud management, Visa offers industry-best expertise on how to implement the right solutions to counter card payment fraud. Ultimately, our aim is to transfer the benefits of a robust payments infrastructure to consumers, and in turn encourage the use of safe, secure and reliable payment systems." Ahmed Gaber, Visa Group Country Manager for Saudi Arabia, Kuwait, Oman and Bahrain, said: "The payments industry is evolving at an incredible pace the world over, and the Middle East is at the forefront of accepting these innovations and new technology. In Saudi Arabia, there is a growing focus on electronification of payments and laying down the infrastructure to enable new payment systems. Against this backdrop of advancement, Visa is pleased to partner with the Consumer Protection Department at SAMA, to educate stakeholders and raise awareness on the need to responsibly adapt to payment innovation, and strengthen their systems against fraud." The topics discussed at the workshop ranged from the types of payment card fraud trends to the evolution of fraudulent activity such as data skimming, fraudulent credits by attacking the payment process flow, wiretapping and ATM cash outs. Visa also highlighted their role in supporting law enforcement agencies to identify risks and assimilate forensic evidence to streamline the process of cracking down on card fraud-related criminal activity. Gaber added: "Fraudulent transactions can have adverse effects on the parties involved, leading to high administration costs besides financial losses. For this reason, Visa consistently monitors its security platforms for the region, and fosters effective partnerships with regional governments and partners to ensure safe and secure electronic payments. We strive to create an environment of safe and secure transactions by ensuring end-to-end risk management that involves the cooperation of all the stakeholders in the payment ecosystem." — SG
